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Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December 2015 will bring highervisibility and stability to China's independent power producers' (IPPs) earnings.
This new mechanism gives a much clearer guidance on the benchmark coal price for reference and when the tariff adjustments will occur, unlike the previous mechanism which did not provide clear details on these items.
The NDRC announced a cut in the on-grid power tariff for thermal power of CNY0.03 per kilo-watt hour (kwh) effective from 1 January 2016 - which the agency considers to be modest compared to the drop in Qinghuangdao coal prices of around 17% since the last tariff revision in April 2015. The tariff reduction is also moderate compared to the end-2015 dark spread for China coal fired plants of around CNY0.25/kwh as estimated by the agency. Nonetheless, we believe the tariff cut may negatively impact thermal power producers whose utilisation hours are under pressure.
The NDRC launched new China Thermal Coal Price Indices by province in September 2015, which will serve as a reference for future tariff adjustments. The new tariff framework will result in annual tariff adjustments by referring to thermal coal prices in 2014 as the benchmark coal price. The review will take place at the end of every year, and adjustments will be effective from 1 January in the following year.
The new mechanism also sets different pass-through factors of between 0.8x to 1.0x for coal price changes of between CNY 30 to 150/ton from 2014 levels; any changes beyond this range will not be passed through. The effective pass-through of cost changes will vary from 0 to 71% within this band of coal price variations. This is lower than the 90% under previous regulations. However, we do not see a high risk of spreads materially contracting for power producers in the foreseeable future as the benchmark coal price (of 2014) is more than 20% higher than current coal price levels, and given our expectation of subdued coal prices in the medium-term.
The new mechanism also introduced an automatic pass-through of a coal-fired power on-grid tariff to commercial and industrial (C&I) retail power tariff, subject to a K-factor adjustment to account for cross-subsidies and various surcharges. Fitch believes that the Chinese government took advantage of current low coal prices to rationalize the relationship between coal prices, the coal-fired power on-grid tariff and the C&I retail power tariff.
However, this new mechanism only regulates the benchmark on-grid tariff, while power tariffs for "market power" through direct purchases by large customers or the power market exchange programme are not covered. While the new tariff regulations provide more clarity and certainty to thermal power producers, Fitch believes that coal-fired power IPPs will continue to face challenges with weakened utilization hours due to low power consumption growth and the addition of large amounts of thermal and renewable power capacity in the medium-term. Although current power sold through the power market or direct purchase is relatively small (less than 10%), more and more power is likely to be sold under the "market power" scheme as an increasing number of provinces will introduce such programs. IPPs also have a strong incentive to participate in "market power" programmes to gain higher utilization, albeit at discounted tariffs.
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Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
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- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
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